Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information | ' |
Entity Registrant Name | 'Highbridge Commodities FuturesAccess LLC |
Entity Central Index Key | '0001534977 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 50,212,546 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
STATEMENTS_OF_FINANCIAL_CONDIT
STATEMENTS OF FINANCIAL CONDITION (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Equity in commodity trading accounts: | ' | ' |
Cash (including restricted cash of $1,959,029 for 2013 and $0 for 2012 ) | $37,810,765 | ' |
Net unrealized profit on open futures contracts | 774 | ' |
Receivable from Highbridge Commodities FuturesAccess Master Fund LTD | ' | 39,709,301 |
Cash | 416,817 | 33,998 |
Other assets | 75,000 | 75,000 |
TOTAL ASSETS | 38,303,356 | 39,818,299 |
LIABILITIES: | ' | ' |
Sponsor and Advisory fees payable | 83,054 | 53,701 |
Redemptions payable | 5,274,866 | 592,620 |
Net unrealized loss on open futures contracts | 557,493 | ' |
Other liabilities | 227,140 | 175,072 |
Total liabilities | 6,142,553 | 821,393 |
MEMBERS' CAPITAL: | ' | ' |
Members' Interest (50,212,546 Units and 52,081,850 Units outstanding; unlimited Units authorized) | 32,160,803 | 38,996,906 |
Total members' capital | 32,160,803 | 38,996,906 |
TOTAL LIABILITIES AND MEMBERS' CAPITAL | $38,303,356 | $39,818,299 |
Class A | ' | ' |
NET ASSET VALUE PER UNIT: | ' | ' |
Net asset value per unit (in dollars per unit) | $0.62 | $0.74 |
Class C | ' | ' |
NET ASSET VALUE PER UNIT: | ' | ' |
Net asset value per unit (in dollars per unit) | $0.61 | $0.73 |
Class D | ' | ' |
NET ASSET VALUE PER UNIT: | ' | ' |
Net asset value per unit (in dollars per unit) | $0.66 | $0.78 |
Class I | ' | ' |
NET ASSET VALUE PER UNIT: | ' | ' |
Net asset value per unit (in dollars per unit) | $0.63 | $0.75 |
Class M | ' | ' |
NET ASSET VALUE PER UNIT: | ' | ' |
Net asset value per unit (in dollars per unit) | $0.79 | $0.93 |
STATEMENTS_OF_FINANCIAL_CONDIT1
STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
STATEMENTS OF FINANCIAL CONDITION | ' | ' |
Cash, restricted cash (in dollars) | $1,959,029 | $0 |
Units outstanding | 50,212,546 | 52,081,850 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
TRADING PROFIT (LOSS): | ' | ' | ' | ' | ||||
Realized, net | ($87,787) | ($272,744) | ($7,671,248) | ($2,262,953) | ||||
Change in unrealized, net | 707,538 | 233,590 | -556,719 | 223,122 | ||||
Brokerage commissions | -25,267 | -23,003 | -105,926 | -69,806 | ||||
Total trading profit (loss), net | 594,484 | -62,157 | -8,333,893 | -2,109,637 | ||||
INVESTMENT INCOME (EXPENSE): | ' | ' | ' | ' | ||||
Interest, net | 2 | ' | -15 | ' | ||||
EXPENSES: | ' | ' | ' | ' | ||||
Management fee | 158,914 | [1] | 145,540 | [1] | 603,650 | [1] | 331,246 | [1] |
Sponsor fee | 124,458 | [1] | 163,666 | [1] | 496,741 | [1] | 335,085 | [1] |
Performance fee | ' | ' | ' | 15,312 | [1] | |||
Other | 110,330 | [1] | 135,668 | [1] | 386,467 | [1] | 398,362 | [1] |
Total expenses | 393,702 | [1] | 444,874 | [1] | 1,486,858 | [1] | 1,080,005 | [1] |
NET INVESTMENT INCOME (LOSS) | -393,700 | -444,874 | -1,486,873 | -1,080,005 | ||||
NET INCOME (LOSS) | $200,784 | ($507,031) | ($9,820,766) | ($3,189,642) | ||||
Class A | ' | ' | ' | ' | ||||
NET INCOME (LOSS) PER UNIT: | ' | ' | ' | ' | ||||
Weighted average number of Units outstanding (in units) | 5,636,655 | 11,813,871 | 8,876,334 | 8,312,296 | ||||
Net income (loss) per weighted average Unit (in dollars per unit) | $0.00 | ($0.01) | ($0.13) | ($0.14) | ||||
Class C | ' | ' | ' | ' | ||||
NET INCOME (LOSS) PER UNIT: | ' | ' | ' | ' | ||||
Weighted average number of Units outstanding (in units) | 20,055,392 | 19,948,837 | 23,291,859 | 12,900,785 | ||||
Net income (loss) per weighted average Unit (in dollars per unit) | $0.00 | ($0.02) | ($0.13) | ($0.14) | ||||
Class D | ' | ' | ' | ' | ||||
NET INCOME (LOSS) PER UNIT: | ' | ' | ' | ' | ||||
Weighted average number of Units outstanding (in units) | 18,583,913 | 6,140,976 | 19,261,489 | 5,062,405 | ||||
Net income (loss) per weighted average Unit (in dollars per unit) | $0.01 | ($0.01) | ($0.12) | ($0.10) | ||||
Class I | ' | ' | ' | ' | ||||
NET INCOME (LOSS) PER UNIT: | ' | ' | ' | ' | ||||
Weighted average number of Units outstanding (in units) | 19,260,079 | 5,308,522 | 24,297,074 | 3,605,235 | ||||
Net income (loss) per weighted average Unit (in dollars per unit) | $0.00 | ($0.02) | ($0.13) | ($0.15) | ||||
Class Z | ' | ' | ' | ' | ||||
NET INCOME (LOSS) PER UNIT: | ' | ' | ' | ' | ||||
Weighted average number of Units outstanding (in units) | ' | ' | ' | 7,965,776 | [2] | |||
Net income (loss) per weighted average Unit (in dollars per unit) | ' | ' | ' | $0.10 | [2] | |||
Class M | ' | ' | ' | ' | ||||
NET INCOME (LOSS) PER UNIT: | ' | ' | ' | ' | ||||
Weighted average number of Units outstanding (in units) | 2,192,270 | [3] | ' | 1,984,783 | [3] | ' | ||
Net income (loss) per weighted average Unit (in dollars per unit) | $0.00 | [3] | ' | ($0.16) | [3] | ' | ||
[1] | Audit, legal and printing are the primary operating expenses of the Fund. | |||||||
[2] | Units fully redeemed as of February 29, 2012 (Presentation of weighted average units outstanding and net income (loss) per weighted average unit for this share class is for the period January 1, 2012 to February 29, 2012.) | |||||||
[3] | Units issued on December 1, 2012. |
STATEMENT_OF_CHANGES_IN_MEMBER
STATEMENT OF CHANGES IN MEMBERS' CAPITAL (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Increase (Decrease) in Members' Capital | ' | ' | ' | ' | |||
Members' Capital | ' | ' | $38,996,906 | ' | |||
Net Income (Loss) | 200,784 | -507,031 | -9,820,766 | -3,189,642 | |||
Members' Capital | 32,160,803 | ' | 32,160,803 | ' | |||
Members' Capital | ' | ' | ' | ' | |||
Increase (Decrease) in Members' Capital | ' | ' | ' | ' | |||
Members' Capital | ' | ' | 38,996,906 | 17,499,262 | |||
Members' Capital (in Units) | ' | ' | 52,081,850 | 18,534,585 | |||
Subscriptions | ' | ' | 29,901,196 | 39,779,598 | |||
Subscriptions (in Units) | ' | ' | 39,311,614 | 41,418,800 | |||
Redemptions | ' | ' | -26,916,533 | -14,178,257 | |||
Redemptions (in Units) | ' | ' | -41,180,918 | -14,239,284 | |||
Net Income (Loss) | ' | ' | -9,820,766 | -3,189,642 | |||
Members' Capital | 32,160,803 | 39,910,961 | 32,160,803 | 39,910,961 | |||
Members' Capital (in Units) | 50,212,546 | 45,714,101 | 50,212,546 | 45,714,101 | |||
Class A | ' | ' | ' | ' | |||
Increase (Decrease) in Members' Capital | ' | ' | ' | ' | |||
Members' Capital | ' | ' | 8,863,293 | 1,001,468 | |||
Members' Capital (in Units) | ' | ' | 11,922,019 | 1,067,047 | |||
Subscriptions | ' | ' | 393,900 | 10,965,976 | |||
Subscriptions (in Units) | ' | ' | 532,464 | 11,339,403 | |||
Redemptions | ' | ' | -4,866,349 | -514,500 | |||
Redemptions (in Units) | ' | ' | -7,318,106 | -557,384 | |||
Net Income (Loss) | ' | ' | -1,188,296 | -1,136,365 | |||
Members' Capital | 3,202,548 | 10,316,579 | 3,202,548 | 10,316,579 | |||
Members' Capital (in Units) | 5,136,377 | 11,849,066 | 5,136,377 | 11,849,066 | |||
Class C | ' | ' | ' | ' | |||
Increase (Decrease) in Members' Capital | ' | ' | ' | ' | |||
Members' Capital | ' | ' | 17,820,122 | 1,741,170 | |||
Members' Capital (in Units) | ' | ' | 24,250,181 | 1,858,272 | |||
Subscriptions | ' | ' | 2,174,619 | 18,941,272 | |||
Subscriptions (in Units) | ' | ' | 3,056,454 | 19,970,503 | |||
Redemptions | ' | ' | -7,435,276 | -411,446 | |||
Redemptions (in Units) | ' | ' | -11,672,529 | -464,023 | |||
Net Income (Loss) | ' | ' | -2,996,631 | -1,838,289 | |||
Members' Capital | 9,562,834 | 18,432,707 | 9,562,834 | 18,432,707 | |||
Members' Capital (in Units) | 15,634,106 | 21,364,752 | 15,634,106 | 21,364,752 | |||
Class D | ' | ' | ' | ' | |||
Increase (Decrease) in Members' Capital | ' | ' | ' | ' | |||
Members' Capital | ' | ' | 6,689,457 | 2,246,958 | |||
Members' Capital (in Units) | ' | ' | 8,564,682 | 2,313,375 | |||
Subscriptions | ' | ' | 8,906,625 | 4,028,957 | |||
Subscriptions (in Units) | ' | ' | 11,460,450 | 4,038,683 | |||
Redemptions | ' | ' | -2,774,005 | ' | |||
Redemptions (in Units) | ' | ' | -4,107,198 | ' | |||
Net Income (Loss) | ' | ' | -2,276,794 | -487,331 | |||
Members' Capital | 10,545,283 | 5,788,584 | 10,545,283 | 5,788,584 | |||
Members' Capital (in Units) | 15,917,934 | 6,352,058 | 15,917,934 | 6,352,058 | |||
Class I | ' | ' | ' | ' | |||
Increase (Decrease) in Members' Capital | ' | ' | ' | ' | |||
Members' Capital | ' | ' | 4,939,046 | 73,268 | |||
Members' Capital (in Units) | ' | ' | 6,612,136 | 78,014 | |||
Subscriptions | ' | ' | 16,760,052 | 5,843,393 | |||
Subscriptions (in Units) | ' | ' | 22,437,047 | 6,070,211 | |||
Redemptions | ' | ' | -11,504,342 | ' | |||
Redemptions (in Units) | ' | ' | -17,668,176 | ' | |||
Net Income (Loss) | ' | ' | -3,043,659 | -543,570 | |||
Members' Capital | 7,151,097 | 5,373,091 | 7,151,097 | 5,373,091 | |||
Members' Capital (in Units) | 11,381,007 | 6,148,225 | 11,381,007 | 6,148,225 | |||
Class Z | ' | ' | ' | ' | |||
Increase (Decrease) in Members' Capital | ' | ' | ' | ' | |||
Members' Capital | ' | ' | ' | 12,436,398 | [1] | ||
Members' Capital (in Units) | ' | ' | ' | 13,217,877 | [1] | ||
Redemptions | ' | ' | ' | -13,252,311 | [1] | ||
Redemptions (in Units) | ' | ' | ' | -13,217,877 | [1] | ||
Net Income (Loss) | ' | ' | ' | 815,913 | [1] | ||
Class M | ' | ' | ' | ' | |||
Increase (Decrease) in Members' Capital | ' | ' | ' | ' | |||
Members' Capital | ' | ' | 684,988 | [2] | ' | ||
Members' Capital (in Units) | ' | ' | 732,832 | [2] | ' | ||
Subscriptions | ' | ' | 1,666,000 | [2] | ' | ||
Subscriptions (in Units) | ' | ' | 1,825,199 | [2] | ' | ||
Redemptions | ' | ' | -336,561 | [2] | ' | ||
Redemptions (in Units) | ' | ' | -414,909 | [2] | ' | ||
Net Income (Loss) | ' | ' | -315,386 | [2] | ' | ||
Members' Capital | $1,699,041 | [2] | ' | $1,699,041 | [2] | ' | |
Members' Capital (in Units) | 2,143,122 | [2] | ' | 2,143,122 | [2] | ' | |
[1] | Units fully redeemed as of February 29, 2012. | ||||||
[2] | Units issued on December 1, 2012. |
FINANCIAL_DATA_HIGHLIGHTS
FINANCIAL DATA HIGHLIGHTS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Class A | ' | ' | ' | ' | ||||
Per Unit Operating Performance: | ' | ' | ' | ' | ||||
Net asset value, beginning of period | $0.62 | $0.88 | $0.74 | $0.94 | ||||
Net realized and net change in unrealized trading profit (loss) | $0.01 | ($0.00) | ($0.10) | ($0.05) | ||||
Brokerage commissions | ($0.00) | ' | ($0.00) | ' | ||||
Interest Income, net | $0 | [1] | ' | $0 | [1] | ' | ||
Expenses | ($0.01) | ($0.01) | ($0.02) | ($0.02) | ||||
Net asset value, before liquidation | ' | ' | ' | $0.87 | ||||
Net asset value, end of period | $0.62 | $0.87 | $0.62 | $0.87 | ||||
Total Return: | ' | ' | ' | ' | ||||
Total return before Performance fees (as a percent) | 0.05% | [2] | -0.76% | [2] | -16.13% | [2] | -7.23% | [2] |
Performance fees (as a percent) | 0.00% | [2] | 0.00% | [2] | 0.00% | [2] | 0.00% | [2] |
Total return after Performance fees (as a percent) | 0.05% | [2] | -0.76% | [2] | -16.13% | [2] | -7.23% | [2] |
Ratios to Average Member's Capital: | ' | ' | ' | ' | ||||
Expenses (excluding Performance fees) (as a percent) | 1.02% | [3] | 0.62% | [3] | 2.95% | [3] | 2.07% | [3] |
Performance fees (as a percent) | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] |
Expenses (including Performance fees) (as a percent) | 1.02% | [3] | 0.62% | [3] | 2.95% | [3] | 2.07% | [3] |
Net investment income (loss) (as a percent) | -1.02% | [3] | -0.62% | [3] | -2.95% | [3] | -2.07% | [3] |
Class C | ' | ' | ' | ' | ||||
Per Unit Operating Performance: | ' | ' | ' | ' | ||||
Net asset value, beginning of period | $0.61 | $0.87 | $0.73 | $0.94 | ||||
Net realized and net change in unrealized trading profit (loss) | $0.01 | ($0.00) | ($0.10) | ($0.05) | ||||
Brokerage commissions | ($0.00) | ' | ($0.00) | ' | ||||
Interest Income, net | $0 | [1] | ' | $0 | [1] | ' | ||
Expenses | ($0.01) | ($0.01) | ($0.02) | ($0.03) | ||||
Net asset value, before liquidation | ' | ' | ' | $0.86 | ||||
Net asset value, end of period | $0.61 | $0.86 | $0.61 | $0.86 | ||||
Total Return: | ' | ' | ' | ' | ||||
Total return before Performance fees (as a percent) | -0.20% | [2] | -1.00% | [2] | -16.76% | [2] | -7.92% | [2] |
Performance fees (as a percent) | 0.00% | [2] | 0.00% | [2] | 0.00% | [2] | 0.00% | [2] |
Total return after Performance fees (as a percent) | -0.20% | [2] | -1.00% | [2] | -16.76% | [2] | -7.92% | [2] |
Ratios to Average Member's Capital: | ' | ' | ' | ' | ||||
Expenses (excluding Performance fees) (as a percent) | 1.27% | [3] | 0.87% | [3] | 3.70% | [3] | 2.82% | [3] |
Performance fees (as a percent) | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] |
Expenses (including Performance fees) (as a percent) | 1.27% | [3] | 0.87% | [3] | 3.70% | [3] | 2.82% | [3] |
Net investment income (loss) (as a percent) | -1.27% | [3] | -0.87% | [3] | -3.70% | [3] | -2.82% | [3] |
Class D | ' | ' | ' | ' | ||||
Per Unit Operating Performance: | ' | ' | ' | ' | ||||
Net asset value, beginning of period | $0.66 | $0.91 | $0.78 | $0.97 | ||||
Net realized and net change in unrealized trading profit (loss) | $0.01 | ($0.00) | ($0.10) | ($0.05) | ||||
Brokerage commissions | ($0.00) | ' | ($0.00) | ' | ||||
Interest Income, net | $0 | [1] | ' | $0 | [1] | ' | ||
Expenses | ($0.00) | ($0.00) | ($0.01) | ($0.01) | ||||
Net asset value, before liquidation | ' | ' | ' | $0.91 | ||||
Net asset value, end of period | $0.66 | $0.91 | $0.66 | $0.91 | ||||
Total Return: | ' | ' | ' | ' | ||||
Total return before Performance fees (as a percent) | 0.43% | [2] | -0.38% | [2] | -15.19% | [2] | -6.18% | [2] |
Performance fees (as a percent) | 0.00% | [2] | 0.00% | [2] | 0.00% | [2] | 0.00% | [2] |
Total return after Performance fees (as a percent) | 0.43% | [2] | -0.38% | [2] | -15.19% | [2] | -6.18% | [2] |
Ratios to Average Member's Capital: | ' | ' | ' | ' | ||||
Expenses (excluding Performance fees) (as a percent) | 0.64% | [3] | 0.25% | [3] | 1.84% | [3] | 0.95% | [3] |
Performance fees (as a percent) | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] |
Expenses (including Performance fees) (as a percent) | 0.64% | [3] | 0.25% | [3] | 1.84% | [3] | 0.95% | [3] |
Net investment income (loss) (as a percent) | -0.64% | [3] | -0.25% | [3] | -1.84% | [3] | -0.95% | [3] |
Class I | ' | ' | ' | ' | ||||
Per Unit Operating Performance: | ' | ' | ' | ' | ||||
Net asset value, beginning of period | $0.63 | $0.88 | $0.75 | $0.94 | ||||
Net realized and net change in unrealized trading profit (loss) | $0.01 | ($0.00) | ($0.10) | ($0.05) | ||||
Brokerage commissions | ($0.00) | ' | ($0.00) | ' | ||||
Interest Income, net | $0 | [1] | ' | $0 | [1] | ' | ||
Expenses | ($0.01) | ($0.00) | ($0.02) | ($0.02) | ||||
Net asset value, before liquidation | ' | ' | ' | $0.87 | ||||
Net asset value, end of period | $0.63 | $0.87 | $0.63 | $0.87 | ||||
Total Return: | ' | ' | ' | ' | ||||
Total return before Performance fees (as a percent) | 0.16% | [2] | -0.66% | [2] | -15.88% | [2] | -6.95% | [2] |
Performance fees (as a percent) | 0.00% | [2] | 0.00% | [2] | 0.00% | [2] | 0.00% | [2] |
Total return after Performance fees (as a percent) | 0.16% | [2] | -0.66% | [2] | -15.88% | [2] | -6.95% | [2] |
Ratios to Average Member's Capital: | ' | ' | ' | ' | ||||
Expenses (excluding Performance fees) (as a percent) | 0.91% | [3] | 0.52% | [3] | 2.65% | [3] | 1.77% | [3] |
Performance fees (as a percent) | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] |
Expenses (including Performance fees) (as a percent) | 0.91% | [3] | 0.52% | [3] | 2.65% | [3] | 1.77% | [3] |
Net investment income (loss) (as a percent) | -0.91% | [3] | -0.52% | [3] | -2.65% | [3] | -1.77% | [3] |
Class Z | ' | ' | ' | ' | ||||
Per Unit Operating Performance: | ' | ' | ' | ' | ||||
Net asset value, beginning of period | ' | ' | ' | $0.94 | [4] | |||
Net realized and net change in unrealized trading profit (loss) | ' | ' | ' | $0.08 | [4] | |||
Expenses | ' | ' | ' | ($0.00) | [4] | |||
Net asset value, before liquidation | ' | ' | ' | $1.01 | [4] | |||
Less liquidating distribution | ' | ' | ' | $1.01 | [4] | |||
Total Return: | ' | ' | ' | ' | ||||
Total return before Performance fees (as a percent) | ' | ' | ' | 7.80% | [2],[4] | |||
Performance fees (as a percent) | ' | ' | ' | 0.00% | [2],[4] | |||
Total return after Performance fees (as a percent) | ' | ' | ' | 7.80% | [2],[4] | |||
Ratios to Average Member's Capital: | ' | ' | ' | ' | ||||
Expenses (excluding Performance fees) (as a percent) | ' | ' | ' | 0.30% | [3],[4] | |||
Performance fees (as a percent) | ' | ' | ' | 0.00% | [3],[4] | |||
Expenses (including Performance fees) (as a percent) | ' | ' | ' | 0.30% | [3],[4] | |||
Net investment income (loss) (as a percent) | ' | ' | ' | -0.30% | [3],[4] | |||
Class M | ' | ' | ' | ' | ||||
Per Unit Operating Performance: | ' | ' | ' | ' | ||||
Net asset value, beginning of period | $0.79 | ' | $0.93 | ' | ||||
Net realized and net change in unrealized trading profit (loss) | $0.01 | ' | ($0.12) | ' | ||||
Brokerage commissions | ($0.00) | ' | ($0.00) | ' | ||||
Interest Income, net | $0 | [1] | ' | $0 | [1] | ' | ||
Expenses | ($0.01) | ' | ($0.02) | ' | ||||
Net asset value, end of period | $0.79 | ' | $0.79 | ' | ||||
Total Return: | ' | ' | ' | ' | ||||
Total return before Performance fees (as a percent) | 0.43% | [2] | ' | -15.19% | [2] | ' | ||
Performance fees (as a percent) | 0.00% | [2] | ' | 0.00% | [2] | ' | ||
Total return after Performance fees (as a percent) | 0.43% | [2] | ' | -15.19% | [2] | ' | ||
Ratios to Average Member's Capital: | ' | ' | ' | ' | ||||
Expenses (excluding Performance fees) (as a percent) | 0.64% | [3] | ' | 1.84% | [3] | ' | ||
Performance fees (as a percent) | 0.00% | [3] | ' | 0.00% | [3] | ' | ||
Expenses (including Performance fees) (as a percent) | 0.64% | [3] | ' | 1.84% | [3] | ' | ||
Net investment income (loss) (as a percent) | -0.64% | [3] | ' | -1.84% | [3] | ' | ||
[1] | Interest income, net is less than $0.0001 per Unit | |||||||
[2] | The total return calculations are based on compounded monthly returns and are calculated for each class taken as a whole. An individual members' return may vary from these returns based on timing of capital transactions. | |||||||
[3] | The ratios to average members' capital have been annualized. The performance fee ratios are not annualized. | |||||||
[4] | Units fully redeemed as of February 29, 2012. |
FINANCIAL_DATA_HIGHLIGHTS_Pare
FINANCIAL DATA HIGHLIGHTS (Parenthetical) (Maximum, USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Maximum | ' | ' |
Interest Income, net | $0.00 | $0.00 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Highbridge Commodities FuturesAccess LLC (the “Fund”), a Merrill Lynch FuturesAccessSM Program (“FuturesAccess”), fund was organized under the Delaware Limited Liability Company Act on June 15, 2011 and commenced trading activities on November 1, 2011. The Fund engages in the speculative trading of primarily futures contracts on a wide range of commodities. Highbridge Capital Management, LLC (“Highbridge” or “Trading Advisor”) is the trading advisor of the Fund. The Trading Advisor utilizes the Highbridge Commodities Strategy (the “Trading Program”) for the Fund. | |
Prior to January 1, 2013 (the “Effective Date”), the Fund and BA Highbridge Commodities Fund LLC (the “BA Feeder”) were “feeder funds” in a master-feeder structure investing substantially all of their assets through Highbridge Commodities FuturesAccess Master Fund Ltd. (the “Master Fund”). As of the Effective Date, the Fund and the Master Fund were reorganized such that the Fund became a direct trading fund investing all of its assets through an account advised by the Trading Advisor rather than through the Master Fund, which was liquidated. The units of limited liability company interest of the BA Feeder were converted into units of limited liability company interest (“Units”) of the Fund, resulting in the effective combination of operations of the two funds. | |
Merrill Lynch Alternative Investments LLC (“MLAI” or “Sponsor”) is the sponsor and manager of the Fund. MLAI is an indirect wholly-owned subsidiary of Bank of America Corporation. Bank of America Corporation and its affiliates are referred to herein as “BAC”. Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) is currently the exclusive clearing broker for the Fund. The Sponsor may select other parties as clearing broker(s). Currently, the Fund does not trade currency spot and forward contracts. In the event the Fund does trade such contracts, Merrill Lynch International Bank, Ltd. (“MLIB”) will act as the primary foreign exchange (“F/X”) forward prime broker for the Fund. The Sponsor may select other parties as F/X or other over-the-counter (“OTC”) prime brokers, including Merrill Lynch International (“MLI”). MLPF&S, MLIB and MLI are BAC affiliates. | |
FuturesAccess is a group of managed futures funds sponsored by MLAI (“FuturesAccess Funds”). FuturesAccess is exclusively available to investors that have investment accounts with Merrill Lynch Wealth Management, U.S. Trust and other divisions or affiliates of BAC. FuturesAccess Funds currently are composed of direct-trading funds advised by a single trading advisor or funds of funds for which MLAI acts as the advisor and allocates capital among multiple trading advisors. Although redemption terms vary among FuturesAccess Funds, FuturesAccess applies, with some exceptions, the same minimum investment amounts, fees and other operational criteria across all FuturesAccess Funds. Each trading advisor participating in FuturesAccess employs different technical, fundamental, systematic and/or discretionary trading strategies. | |
Interests in the Fund are not insured or otherwise protected by the Federal Deposit Insurance Corporation or any other government authority. Interests are not deposits or other obligations of, and are not guaranteed by, BAC or by any bank. Interests are subject to investment risks, including the possible loss of the full amount invested. | |
In the opinion of management, these interim financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the financial position of the Fund as of September 30, 2013 and December 31, 2012 and the results of its operations for the three and nine month periods ended September 30, 2013 and 2012. However, the operating results for the interim periods may not be indicative of the results for the full year. | |
Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Fund’s report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2012. | |
Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material. Certain prior year items have been reclassified to conform to the current year presentation. | |
Initial Offering and Organizational Costs | |
Organization and Offering costs are amortized against the net asset value over 60 months, beginning with the first month-end after the initial issuance of Units for operational and investor trading purposes. However, for financial reporting purposes, organizational costs, to the extent material, will be shown as deducted from net asset value as of the date of such initial issuance. Initial offering costs, to the extent material, will be amortized over a 12-month period after the initial issuance of Units. Accrued costs incurred for the nine month periods ended September 30, 2013 and 2012 were $11,034 and $14,188, respectively. | |
Margin | |
As of September 30, 2013, the Fund employed $1,959,029 as initial margin to support its futures positions, representing approximately 5% of the Fund’s total assets as of such date. As of September 30, 2013, the Fund had no forward positions and no swap positions. | |
CONDENSED_SCHEDULES_OF_INVESTM
CONDENSED SCHEDULES OF INVESTMENTS | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
CONDENSED SCHEDULES OF INVESTMENTS | ' | ||||||||||||||||||||||
CONDENSED SCHEDULES OF INVESTMENTS | ' | ||||||||||||||||||||||
2. CONDENSED SCHEDULES OF INVESTMENTS | |||||||||||||||||||||||
The Fund’s investments, defined as net unrealized profit (loss) on open contracts on the Statements of Financial Condition as of September 30, 2013 and the Master Fund’s investments, defined as net unrealized profit (loss) on open contracts as of December 31, 2012 are as follows: | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Long Positions | Short Positions | Net Unrealized | |||||||||||||||||||||
Commodity Industry | Number of | Unrealized | Percent of | Number of | Unrealized | Percent of | Profit (Loss) | Percent of | |||||||||||||||
Sector | Contracts/Notional | Profit (Loss) | Members’ Capital | Contracts/Notional | Profit (Loss) | Members’ Capital | on Open Positions | Members’ Capital | Maturity Dates | ||||||||||||||
Agriculture | 379 | $ | (100,193 | ) | -0.31 | % | (86 | ) | $ | 31,887 | 0.1 | % | $ | (68,306 | ) | -0.21 | % | November 2013 - February 2014 | |||||
Currencies | 98 | 9,120 | 0.03 | % | — | — | 0 | % | $ | 9,120 | 0.03 | % | December 2013 | ||||||||||
Energy | 199 | (541,190 | ) | -1.68 | % | (18 | ) | 17,724 | 0.06 | % | $ | (523,466 | ) | -1.62 | % | October 2013 - November 2013 | |||||||
Metals | 100 | 16,032 | 0.05 | % | (118 | ) | 9,901 | 0.03 | % | 25,933 | 0.08 | % | October 2013 - December 2013 | ||||||||||
Total | $ | (616,231 | ) | -1.91 | % | $ | 59,512 | 0.19 | % | $ | (556,719 | ) | -1.72 | % | |||||||||
December 31, 2012 | |||||||||||||||||||||||
Long Positions | Short Positions | Net Unrealized | |||||||||||||||||||||
Commodity Industry | Number of | Unrealized | Percent of | Number of | Unrealized | Percent of | Profit (Loss) | Percent of | |||||||||||||||
Sector | Contracts/Notional | Profit (Loss) | Members’ Capital | Contracts/Notional | Profit (Loss) | Members’ Capital | on Open Positions | Members’ Capital | Maturity Dates | ||||||||||||||
Agriculture | 707 | $ | (820,670 | ) | 0 | % | (239 | ) | $ | 45,945 | 0 | % | $ | (774,725 | ) | 0 | % | February 2013 - March 2013 | |||||
Currencies | 377 | (284,530 | ) | 0 | % | — | — | 0 | % | (284,530 | ) | 0 | % | March 2013 | |||||||||
Energy | 288 | 599,893 | 0 | % | (44 | ) | (116,420 | ) | 0 | % | 483,473 | 0 | % | January 2013 - February 2013 | |||||||||
Metals | 307 | (408,218 | ) | 0 | % | (226 | ) | (300,493 | ) | 0 | % | (708,711 | ) | 0 | % | January 2013 - April 2013 | |||||||
Total | $ | (913,525 | ) | 0 | % | $ | (370,968 | ) | 0 | % | $ | (1,284,493 | ) | 0 | % | ||||||||
No individual contract’s unrealized profit or loss comprised greater than 5% of Members’ Capital as of September 30, 2013 and December 31, 2012. With respect to each commodity industry sector listed in the above chart, the net unrealized profit (loss) on open positions is the sum of the unrealized profits (loss) of long positions and short positions of the open contracts, netting unrealized losses against unrealized profits as applicable. Net unrealized profit and loss provides an approximate measure of the exposure of the Fund to the various sectors as of the date listed, although such exposure can change at any time. | |||||||||||||||||||||||
FAIR_VALUE_OF_INVESTMENTS
FAIR VALUE OF INVESTMENTS | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
FAIR VALUE OF INVESTMENTS | ' | |||||||||||||
FAIR VALUE OF INVESTMENTS | ' | |||||||||||||
3. FAIR VALUE OF INVESTMENTS | ||||||||||||||
Fair value of an investment is the amount that would be received to sell the investment in an orderly transaction between market participants at the measurement date (i.e. the exit price). All investments (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The investments are recorded on trade date and open contracts are recorded at fair value (described below) at the measurement date. Investments denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Profits or losses are realized when contracts are liquidated. Unrealized profits or losses on open contracts are included in equity in commodity trading accounts on the Statements of Financial Condition. Any change in net unrealized profit or loss from the preceding period/year is reported in the respective Statements of Operations. | ||||||||||||||
The fair value measurement guidance established by U.S. GAAP is a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. | ||||||||||||||
Investments measured and reported at fair value are classified and disclosed in one of the following categories: | ||||||||||||||
Level I — Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I are publicly traded investments. As required by the fair market value measurement guidance in U.S. GAAP, the Fund does not adjust the quoted price for these investments even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price. | ||||||||||||||
Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of generally accepted and understood models or other valuation methodologies. Investments which are generally included in this category are investments valued using market data. | ||||||||||||||
Level III — Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. Fair value for these investments is determined using valuation methodologies that consider a range of factors, including but not limited to the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant management judgment. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Investments that are included in this category generally are privately held debt and equity securities. | ||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. MLAI’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. | ||||||||||||||
The following is a description of the valuation methodologies used for investments, as well as the general classification of such investments pursuant to the valuation hierarchy. | ||||||||||||||
Exchange traded investments are fair valued by the Fund by using the reported closing price on the primary exchange where such investments are traded. These closing prices are observed through the clearing broker and third party pricing services. For non-exchange traded investments, quoted values and other data provided by nationally recognized independent pricing sources are used as inputs into its process for determining fair values. | ||||||||||||||
The independent pricing sources obtain market quotations and actual transaction prices for investments that have quoted prices in active markets. Each source has its own proprietary method for determining the fair value of investments that are not actively traded. In general, these methods involve the use of “matrix pricing” in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like investments, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair market value. | ||||||||||||||
The Fund has determined that Level I investments would include its futures and options contracts where it believes that quoted prices are available in an active market. | ||||||||||||||
Where the Fund believes that quoted market prices are not available or that the market is not active, fair values are estimated by using quoted prices of investments with similar characteristics, pricing models or matrix pricing and these are generally classified as Level II investments. The Fund determined that Level II investments would include its forward and certain futures contracts. | ||||||||||||||
The Fund’s and the Master Fund’s, respectively, net unrealized profit (loss) on open forward and futures contracts, by the above fair value hierarchy levels as of September 30, 2013 and December 31, 2012, respectively, are as follows: | ||||||||||||||
Net unrealized profit (loss) | ||||||||||||||
on open contracts | Total | Level I | Level II | Level III | ||||||||||
Futures | ||||||||||||||
Long | $ | (616,231 | ) | $ | (628,343 | ) | $ | 12,112 | $ | — | ||||
Short | 59,512 | 52,383 | 7,129 | — | ||||||||||
$ | (556,719 | ) | $ | (575,960 | ) | $ | 19,241 | $ | — | |||||
Forwards | ||||||||||||||
Long | $ | — | $ | — | $ | — | $ | — | ||||||
Short | — | — | — | — | ||||||||||
$ | — | $ | — | $ | — | $ | — | |||||||
September 30, 2013 | $ | (556,719 | ) | $ | (575,960 | ) | $ | 19,241 | $ | — | ||||
Net unrealized profit (loss) | ||||||||||||||
on open contracts | Total | Level I | Level II | Level III | ||||||||||
Futures | ||||||||||||||
Long | $ | (913,525 | ) | $ | (1,117,092 | ) | $ | 203,567 | $ | — | ||||
Short | (370,968 | ) | (103,812 | ) | (267,156 | ) | — | |||||||
$ | (1,284,493 | ) | $ | (1,220,904 | ) | $ | (63,589 | ) | $ | — | ||||
Forwards | ||||||||||||||
Long | $ | — | $ | — | $ | — | $ | — | ||||||
Short | — | — | — | — | ||||||||||
$ | — | $ | — | $ | — | $ | — | |||||||
December 31, 2012 | $ | (1,284,493 | ) | $ | (1,220,904 | ) | $ | (63,589 | ) | $ | — | |||
The Fund’s volume of trading forwards and futures as of the nine month period ended September 30, 2013 and year ended December 31, 2012 are representative of the activity throughout these periods. There were no transfers to or from any level during the three or nine month periods ended September 30, 2013 or the year ended December 31, 2012. | ||||||||||||||
The Fund engages in the speculative trading of futures, options on futures and forward contracts on a wide range of commodities. Such contracts meet the definition of a derivative as noted in the ASC guidance for accounting for derivative and hedging activities. The fair value amounts of, and the net profits and losses on, derivative instruments is disclosed in the Statements of Financial Condition and Statements of Operations, respectively. There are no credit related contingent features embedded in these derivative contracts. The total notional, contract amount or number of contracts and fair values of derivative instruments by contract type/commodity sector are disclosed in Note 2, above. | ||||||||||||||
The Fund presents its futures and forward contract amounts gross on the Statement of Financial Condition. The Fund maintains margin deposits and cash collateral with its futures and forward brokers, respectively, in amounts determined by the respective broker. At September 30, 2013 and December 31, 2012, the initial margin deposits (cash) are used to satisfy the margin requirements to establish the futures or forward contracts and are presented on the Statement of Financial Condition as Cash on deposit with Broker and the variation margin on open contracts as unrealized gain or loss on futures or forward contracts, respectively. | ||||||||||||||
The following table indicates the trading profits and losses, before brokerage commissions, by type/commodity industry sector, on derivative instruments for each of the three and nine month periods ended September 30, 2013 for the Fund and September 30, 2012 for the Master Fund: | ||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||
September 30, 2013 | September 30, 2013 | |||||||||||||
Commodity Industry Sector | profit (loss) from trading, net | profit (loss) from trading, net | ||||||||||||
Agriculture | $ | (107,240 | ) | $ | (837,808 | ) | ||||||||
Currencies | (44,333 | ) | (1,668,876 | ) | ||||||||||
Energy | 427,177 | (1,576,398 | ) | |||||||||||
Metals | 344,147 | (4,144,885 | ) | |||||||||||
Total, net | $ | 619,751 | $ | (8,227,967 | ) | |||||||||
For the three months ended | For the nine months ended | |||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||
Commodity Industry Sector | profit (loss) from trading, net | profit (loss) from trading, net | ||||||||||||
Agriculture | $ | (2,304,050 | ) | $ | (4,512,342 | ) | ||||||||
Currencies | 895,121 | 1,239,469 | ||||||||||||
Energy | 153,571 | (371,041 | ) | |||||||||||
Metals | 1,388,544 | (336,976 | ) | |||||||||||
Total, net | $ | 133,186 | $ | (3,980,890 | ) | |||||||||
The Fund is subject to the risk of insolvency of a counterparty, an exchange, a clearinghouse, MLPF&S or other BAC entities. Fund assets could be lost or impounded during lengthy bankruptcy proceedings. Were a substantial portion of the Fund’s capital tied up in a bankruptcy or other similar types of proceedings, MLAI might suspend or limit trading, perhaps causing the Fund to miss significant profit opportunities. There are increased risks in dealing with unregulated trading counterparties including the risk that assets may not benefit from the protection afforded to “customer funds” deposited with regulated dealers and brokers. | ||||||||||||||
MARKET_AND_CREDIT_RISKS
MARKET AND CREDIT RISKS | 9 Months Ended |
Sep. 30, 2013 | |
MARKET AND CREDIT RISKS | ' |
MARKET AND CREDIT RISKS | ' |
4. MARKET AND CREDIT RISKS | |
The nature of this Fund has certain risks, which cannot all be presented on the financial statements. The following summarizes some of those risks. | |
Market Risk | |
Derivative instruments involve varying degrees of market risk. Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial instruments or commodities underlying such derivative instruments frequently result in changes in the Fund’s net unrealized profit (loss) on open contracts on such derivative instruments as reflected in the Statements of Financial Condition. The Fund’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative instruments held by the Fund as well as the volatility and liquidity of the markets in which the derivative instruments are traded. Investments in foreign markets may also entail legal and political risks. | |
MLAI has procedures in place intended to control market risk exposure, although there can be no assurance that they will, in fact, succeed in doing so. These procedures focus primarily on monitoring the trading of Highbridge, calculating the Net Asset Value of the Fund as of the close of business on each day and reviewing outstanding positions for over-concentrations. While MLAI does not intervene in the markets to hedge or diversify the Fund’s market exposure, MLAI may urge Highbridge to reallocate positions in an attempt to avoid over-concentrations. However, such interventions are expected to be unusual. It is expected that MLAI’s basic risk control procedures will consist of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by Highbridge. | |
Credit Risk | |
The risks associated with exchange-traded contracts are typically perceived to be less than those associated with over-the-counter (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange/clearinghouse is pledged to support the financial integrity of the exchange/clearinghouse. In over-the-counter transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange traded contracts, and in the over-the-counter markets counterparties may also require margin. | |
The credit risk associated with these instruments from counterparty nonperformance is the net unrealized profit (loss) on open contracts, if any, included in the Statements of Financial Condition. MLAI, as sponsor of the Fund, has a general policy of maintaining clearing and prime brokerage arrangements with BAC affiliates, such as MLPF&S and MLIB, although MLAI may engage non-BAC affiliated service providers as clearing brokers or prime brokers for the Fund. | |
The Fund, in its normal course of business, enters into various contracts, with MLPF&S acting as its futures clearing broker. Pursuant to the brokerage arrangement with MLPF&S (which includes a netting arrangement), MLPF&S has the right to net receivables and payables. | |
Indemnifications | |
In the normal course of business the Fund has entered, or may in the future enter, into agreements that obligate the Fund to indemnify certain parties, including BAC affiliates, for breach of certain representations and warranties made by the Fund. No claims have actually been made with respect to such indemnities and any quantification would involve hypothetical claims that have not been made. Based on the Fund’s experience, MLAI expects the risk of loss to be remote and, therefore, no provision has been recorded. | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
5. RELATED PARTY TRANSACTIONS | |
MLAI and the Fund entered into a transfer agency and investor services agreement with Financial Data Services, Inc. (the “Transfer Agent”), a wholly-owned subsidiary of BAC and affiliate of MLAI. The Transfer Agent provides registrar, distribution disbursing agent, transfer agent and certain other services related to the issuance, redemption, exchange and transfer of Units. The fees charged by the Transfer Agent for its services are based on the aggregate net assets of funds managed or sponsored by MLAI. The fee rate ranges from 0.016% to 0.02% per year of the aggregate net assets. During the quarter ended September 30, 2013, the rate was 0.02%. The fee is payable monthly in arrears. MLAI allocates the Transfer Agent fees to each of the managed or sponsored funds, including the Fund, on a monthly basis based on each fund’s net assets. The Transfer Agent fee allocated to the Fund for the three month periods ended September 30, 2013, and 2012 amounted to $1,459 and $1,299, respectively. The Transfer Agent fee allocated to the Fund for the nine month periods ended September 30, 2013 and 2012 amounted to $7,542 and $3,645, respectively, of which $1,094 and $1,376 was payable to the Transfer Agent as of September 30, 2013 and December 31, 2012, respectively. | |
Brokerage Commissions, Interest and Sponsor fees as presented on the Statements of Operations are all received from or paid to related parties. Equity in commodity trading accounts, including cash and net unrealized profit/loss, as seen on the Statement of Financial Condition are held with a related party. | |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2013 | |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
6. RECENT ACCOUNTING PRONOUNCEMENTS | |
In June 2013, the Financial Accounting Standards Board (“FASB”) issued an update relating to the criteria used in defining an investment company under US GAAP. It also sets forth certain measurement and disclosure requirements. Under the new standard the typical characteristics of an investment company will be: (i) it has more than one investment and more than one investor, (ii) it has investors that are not related parties of the entity or the investment manager, (iii) it has ownership interests in the form of equity or partnership interests, and (iv) it manages substantially all of its investments on a fair value basis. The standard also reaffirms that a noncontrolling interest in another investment company should be measured at fair value instead of the equity method. It also includes additional disclosure requirements for an entity to disclose the fact that it is an investment company, and to provide information about changes, if any, in its status as an investment company. Finally, an entity will also need to include disclosures around financial support that has been provided or is contractually required to be provided to any of its investees. The requirements of the standard are effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013, with early application prohibited. The Sponsor is currently evaluating the standard and does not believe it will have a material impact to the Fund’s financial statements. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
7. SUBSEQUENT EVENTS | |
Management has evaluated the impact of subsequent events on the Fund through the date the financials were able to be issued and has determined that there were no subsequent events that require adjustments to, or disclosure in, the financial statements. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Estimates | ' |
Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material. Certain prior year items have been reclassified to conform to the current year presentation. | |
Initial Offering and Organizational Costs | ' |
Initial Offering and Organizational Costs | |
Organization and Offering costs are amortized against the net asset value over 60 months, beginning with the first month-end after the initial issuance of Units for operational and investor trading purposes. However, for financial reporting purposes, organizational costs, to the extent material, will be shown as deducted from net asset value as of the date of such initial issuance. Initial offering costs, to the extent material, will be amortized over a 12-month period after the initial issuance of Units. Accrued costs incurred for the nine month periods ended September 30, 2013 and 2012 were $11,034 and $14,188, respectively. | |
Margin | ' |
Margin | |
As of September 30, 2013, the Fund employed $1,959,029 as initial margin to support its futures positions, representing approximately 5% of the Fund’s total assets as of such date. As of September 30, 2013, the Fund had no forward positions and no swap positions. | |
CONDENSED_SCHEDULES_OF_INVESTM1
CONDENSED SCHEDULES OF INVESTMENTS (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
HCFA Master Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Master Fund's Statement of Financial Condition and Schedule of Investments and Statement of Operations | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of net unrealized profit (loss) on open contracts in the Statements of Financial Condition | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Long Positions | Short Positions | Net Unrealized | Long Positions | Short Positions | Net Unrealized | |||||||||||||||||||||||||||||||||||||||||
Commodity Industry | Number of | Unrealized | Percent of | Number of | Unrealized | Percent of | Profit (Loss) | Percent of | Commodity Industry | Number of | Unrealized | Percent of | Number of | Unrealized | Percent of | Profit (Loss) | Percent of | |||||||||||||||||||||||||||||
Sector | Contracts/Notional | Profit (Loss) | Members’ Capital | Contracts/Notional | Profit (Loss) | Members’ Capital | on Open Positions | Members’ Capital | Maturity Dates | Sector | Contracts/Notional | Profit (Loss) | Members’ Capital | Contracts/Notional | Profit (Loss) | Members’ Capital | on Open Positions | Members’ Capital | Maturity Dates | |||||||||||||||||||||||||||
Agriculture | 379 | $ | (100,193 | ) | -0.31 | % | (86 | ) | $ | 31,887 | 0.1 | % | $ | (68,306 | ) | -0.21 | % | November 2013 - February 2014 | Agriculture | 707 | $ | (820,670 | ) | 0 | % | (239 | ) | $ | 45,945 | 0 | % | $ | (774,725 | ) | 0 | % | February 2013 - March 2013 | |||||||||
Currencies | 98 | 9,120 | 0.03 | % | — | — | 0 | % | $ | 9,120 | 0.03 | % | December 2013 | Currencies | 377 | (284,530 | ) | 0 | % | — | — | 0 | % | (284,530 | ) | 0 | % | March 2013 | ||||||||||||||||||
Energy | 199 | (541,190 | ) | -1.68 | % | (18 | ) | 17,724 | 0.06 | % | $ | (523,466 | ) | -1.62 | % | October 2013 - November 2013 | Energy | 288 | 599,893 | 0 | % | (44 | ) | (116,420 | ) | 0 | % | 483,473 | 0 | % | January 2013 - February 2013 | |||||||||||||||
Metals | 100 | 16,032 | 0.05 | % | (118 | ) | 9,901 | 0.03 | % | 25,933 | 0.08 | % | October 2013 - December 2013 | Metals | 307 | (408,218 | ) | 0 | % | (226 | ) | (300,493 | ) | 0 | % | (708,711 | ) | 0 | % | January 2013 - April 2013 | ||||||||||||||||
Total | $ | (616,231 | ) | -1.91 | % | $ | 59,512 | 0.19 | % | $ | (556,719 | ) | -1.72 | % | Total | $ | (913,525 | ) | 0 | % | $ | (370,968 | ) | 0 | % | $ | (1,284,493 | ) | 0 | % |
FAIR_VALUE_OF_INVESTMENTS_Tabl
FAIR VALUE OF INVESTMENTS (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||
HCFA Master Fund | HCFA Master Fund | |||||||||||||||||||||||||||||||||||
Fair value of investments and trading profits and losses | ' | ' | ' | |||||||||||||||||||||||||||||||||
Schedule of net unrealized profit (loss) on open forward and futures contracts by the fair value hierarchy levels | ' | ' | ' | |||||||||||||||||||||||||||||||||
Net unrealized profit (loss) | Net unrealized profit (loss) | |||||||||||||||||||||||||||||||||||
on open contracts | Total | Level I | Level II | Level III | on open contracts | Total | Level I | Level II | Level III | |||||||||||||||||||||||||||
Futures | Futures | |||||||||||||||||||||||||||||||||||
Long | $ | (616,231 | ) | $ | (628,343 | ) | $ | 12,112 | $ | — | Long | $ | (913,525 | ) | $ | (1,117,092 | ) | $ | 203,567 | $ | — | |||||||||||||||
Short | 59,512 | 52,383 | 7,129 | — | Short | (370,968 | ) | (103,812 | ) | (267,156 | ) | — | ||||||||||||||||||||||||
$ | (556,719 | ) | $ | (575,960 | ) | $ | 19,241 | $ | — | $ | (1,284,493 | ) | $ | (1,220,904 | ) | $ | (63,589 | ) | $ | — | ||||||||||||||||
Forwards | Forwards | |||||||||||||||||||||||||||||||||||
Long | $ | — | $ | — | $ | — | $ | — | Long | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Short | — | — | — | — | Short | — | — | — | — | |||||||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
September 30, 2013 | $ | (556,719 | ) | $ | (575,960 | ) | $ | 19,241 | $ | — | December 31, 2012 | $ | (1,284,493 | ) | $ | (1,220,904 | ) | $ | (63,589 | ) | $ | — | ||||||||||||||
Schedule of the trading profits and losses, before brokerage commissions, by commodity industry sector on derivative instruments | ' | ' | ' | |||||||||||||||||||||||||||||||||
For the three months ended | For the nine months ended | For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||||||||||
Commodity Industry Sector | profit (loss) from trading, net | profit (loss) from trading, net | Commodity Industry Sector | profit (loss) from trading, net | profit (loss) from trading, net | |||||||||||||||||||||||||||||||
Agriculture | $ | (107,240 | ) | $ | (837,808 | ) | Agriculture | $ | (2,304,050 | ) | $ | (4,512,342 | ) | |||||||||||||||||||||||
Currencies | (44,333 | ) | (1,668,876 | ) | Currencies | 895,121 | 1,239,469 | |||||||||||||||||||||||||||||
Energy | 427,177 | (1,576,398 | ) | Energy | 153,571 | (371,041 | ) | |||||||||||||||||||||||||||||
Metals | 344,147 | (4,144,885 | ) | Metals | 1,388,544 | (336,976 | ) | |||||||||||||||||||||||||||||
Total, net | $ | 619,751 | $ | (8,227,967 | ) | Total, net | $ | 133,186 | $ | (3,980,890 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
item | ||
Organization | ' | ' |
Number of funds in operations reorganized | 2 | ' |
Initial Offering and Organizational Costs | ' | ' |
Amortization period for organization and offering costs for operational and investor trading purposes | '60 months | ' |
Amortization period for organization and offering costs for financial reporting purposes | '12 months | ' |
Accrued initial offering and organizational costs | $11,034 | $14,188 |
Margin | ' | ' |
Initial margin to support futures positions | $1,959,029 | ' |
Percentage of initial margin | 5.00% | ' |
Number of forward positions | 0 | ' |
Number of swap positions | 0 | ' |
CONDENSED_SCHEDULES_OF_INVESTM2
CONDENSED SCHEDULES OF INVESTMENTS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | -556,719 | ' |
Percent of Members' Capital | -1.72% | ' |
HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | ' | -1,284,493 |
Percent of Members' Capital | ' | 0.00% |
Maximum | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Percent of Members' Capital | 5.00% | 5.00% |
Agriculture | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | -68,306 | ' |
Percent of Members' Capital | -0.21% | ' |
Agriculture | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | ' | -774,725 |
Percent of Members' Capital | ' | 0.00% |
Currencies | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | 9,120 | ' |
Percent of Members' Capital | 0.03% | ' |
Currencies | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | ' | -284,530 |
Percent of Members' Capital | ' | 0.00% |
Energy | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | -523,466 | ' |
Percent of Members' Capital | -1.62% | ' |
Energy | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | ' | 483,473 |
Percent of Members' Capital | ' | 0.00% |
Metals | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | 25,933 | ' |
Percent of Members' Capital | 0.08% | ' |
Metals | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | ' | -708,711 |
Percent of Members' Capital | ' | 0.00% |
Long Positions | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | -616,231 | ' |
Percent of Members' Capital | -1.91% | ' |
Long Positions | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | ' | -913,525 |
Percent of Members' Capital | ' | 0.00% |
Long Positions | Agriculture | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | 379 | ' |
Net Unrealized Profit (Loss) on Open Positions | -100,193 | ' |
Percent of Members' Capital | -0.31% | ' |
Long Positions | Agriculture | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | ' | 707 |
Net Unrealized Profit (Loss) on Open Positions | ' | -820,670 |
Percent of Members' Capital | ' | 0.00% |
Long Positions | Currencies | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | 98 | ' |
Net Unrealized Profit (Loss) on Open Positions | 9,120 | ' |
Percent of Members' Capital | 0.03% | ' |
Long Positions | Currencies | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | ' | 377 |
Net Unrealized Profit (Loss) on Open Positions | ' | -284,530 |
Percent of Members' Capital | ' | 0.00% |
Long Positions | Energy | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | 199 | ' |
Net Unrealized Profit (Loss) on Open Positions | -541,190 | ' |
Percent of Members' Capital | -1.68% | ' |
Long Positions | Energy | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | ' | 288 |
Net Unrealized Profit (Loss) on Open Positions | ' | 599,893 |
Percent of Members' Capital | ' | 0.00% |
Long Positions | Metals | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | 100 | ' |
Net Unrealized Profit (Loss) on Open Positions | 16,032 | ' |
Percent of Members' Capital | 0.05% | ' |
Long Positions | Metals | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | ' | 307 |
Net Unrealized Profit (Loss) on Open Positions | ' | -408,218 |
Percent of Members' Capital | ' | 0.00% |
Short Positions | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | 59,512 | ' |
Percent of Members' Capital | 0.19% | ' |
Short Positions | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Net Unrealized Profit (Loss) on Open Positions | ' | -370,968 |
Percent of Members' Capital | ' | 0.00% |
Short Positions | Agriculture | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | -86 | ' |
Net Unrealized Profit (Loss) on Open Positions | 31,887 | ' |
Percent of Members' Capital | 0.10% | ' |
Short Positions | Agriculture | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | ' | -239 |
Net Unrealized Profit (Loss) on Open Positions | ' | 45,945 |
Percent of Members' Capital | ' | 0.00% |
Short Positions | Currencies | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Percent of Members' Capital | 0.00% | ' |
Short Positions | Currencies | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Percent of Members' Capital | ' | 0.00% |
Short Positions | Energy | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | -18 | ' |
Net Unrealized Profit (Loss) on Open Positions | 17,724 | ' |
Percent of Members' Capital | 0.06% | ' |
Short Positions | Energy | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | ' | -44 |
Net Unrealized Profit (Loss) on Open Positions | ' | -116,420 |
Percent of Members' Capital | ' | 0.00% |
Short Positions | Metals | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | -118 | ' |
Net Unrealized Profit (Loss) on Open Positions | 9,901 | ' |
Percent of Members' Capital | 0.03% | ' |
Short Positions | Metals | HCFA Master Fund | ' | ' |
CONDENSED SCHEDULES OF INVESTMENTS | ' | ' |
Number of Contracts/Notional | ' | -226 |
Net Unrealized Profit (Loss) on Open Positions | ' | -300,493 |
Percent of Members' Capital | ' | 0.00% |
FAIR_VALUE_OF_INVESTMENTS_Deta
FAIR VALUE OF INVESTMENTS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ($556,719) | ' |
Fair value assets, amount transferred between measurement levels | 0 | 0 |
Fair value liabilities, amount transferred between measurement levels | 0 | 0 |
HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -1,284,493 |
Long | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | -616,231 | ' |
Long | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -913,525 |
Short | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | 59,512 | ' |
Short | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -370,968 |
Total | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | -556,719 | ' |
Total | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -1,284,493 |
Total | Futures | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | -556,719 | ' |
Total | Futures | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -1,284,493 |
Total | Futures | Long | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | -616,231 | ' |
Total | Futures | Long | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -913,525 |
Total | Futures | Short | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | 59,512 | ' |
Total | Futures | Short | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -370,968 |
Level I | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | -575,960 | ' |
Level I | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -1,220,904 |
Level I | Futures | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | -575,960 | ' |
Level I | Futures | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -1,220,904 |
Level I | Futures | Long | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | -628,343 | ' |
Level I | Futures | Long | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -1,117,092 |
Level I | Futures | Short | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | 52,383 | ' |
Level I | Futures | Short | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -103,812 |
Level II | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | 19,241 | ' |
Level II | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -63,589 |
Level II | Futures | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | 19,241 | ' |
Level II | Futures | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | -63,589 |
Level II | Futures | Long | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | 12,112 | ' |
Level II | Futures | Long | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | 203,567 |
Level II | Futures | Short | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | 7,129 | ' |
Level II | Futures | Short | HCFA Master Fund | ' | ' |
Fair Value Of Investments | ' | ' |
Net unrealized Profit (Loss) on open contracts | ' | ($267,156) |
FAIR_VALUE_OF_INVESTMENTS_Deta1
FAIR VALUE OF INVESTMENTS (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | |
HCFA Master Fund | HCFA Master Fund | Agriculture | Agriculture | Agriculture | Agriculture | Currencies | Currencies | Currencies | Currencies | Energy | Energy | Energy | Energy | Metals | Metals | Metals | Metals | |||
HCFA Master Fund | HCFA Master Fund | HCFA Master Fund | HCFA Master Fund | HCFA Master Fund | HCFA Master Fund | HCFA Master Fund | HCFA Master Fund | |||||||||||||
Trading profits and losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profit (loss) from trading, net | $619,751 | ($8,227,967) | $133,186 | ($3,980,890) | ($107,240) | ($837,808) | ($2,304,050) | ($4,512,342) | ($44,333) | ($1,668,876) | $895,121 | $1,239,469 | $427,177 | ($1,576,398) | $153,571 | ($371,041) | $344,147 | ($4,144,885) | $1,388,544 | ($336,976) |
MARKET_AND_CREDIT_RISKS_Detail
MARKET AND CREDIT RISKS (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
item | |
Indemnifications | ' |
Number of claims made with respect to indemnities | 0 |
Provision for loss contingency | $0 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (Financial Data Services, Inc., USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Related party transactions | ' | ' | ' | ' | ' |
Fee rate per year paid by MLAI based on aggregate net assets (as a percent) | 0.02% | ' | ' | ' | ' |
Fee allocated to the Fund | $1,459 | $1,299 | $7,542 | $3,645 | ' |
Fees payable | $1,094 | ' | $1,094 | ' | $1,376 |
Minimum | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Fee rate per year paid by MLAI based on aggregate net assets (as a percent) | ' | ' | 0.02% | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Fee rate per year paid by MLAI based on aggregate net assets (as a percent) | ' | ' | 0.02% | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent events, USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent events | ' |
Subsequent events | ' |
Subsequent events amount | $0 |